DDM Analysis: 6857.T

Valuation Snapshot

Stable Growth	$13,213.16 - $70,829.92	$26,031.55
Multi-Stage	$7,351.81 - $8,046.56	$7,692.81
Blended Fair Value	$16,862.18
Current Price	$14,650.00
Upside	15.10%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	10.71%	31.69%	37.18	33.86	34.59	34.65	21.22	22.36	18.76	5.06	5.47	4.75
YoY Growth	-	-	9.80%	-2.11%	-0.15%	63.24%	-5.07%	19.16%	270.79%	-7.42%	15.14%	100.23%
Dividend Yield	-	-	0.35%	0.53%	0.72%	1.91%	0.85%	1.46%	2.38%	0.88%	1.14%	1.67%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	261,680.00
(-) Cash Dividends Paid (M)	28,709.00
(=) Cash Retained (M)	232,971.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	52,336.00	32,710.00	19,626.00
Cash Retained (M)	232,971.00	232,971.00	232,971.00
(-) Cash Required (M)	-52,336.00	-32,710.00	-19,626.00
(=) Excess Retained (M)	180,635.00	200,261.00	213,345.00
(/) Shares Outstanding (M)	734.74	734.74	734.74
(=) Excess Retained per Share	245.85	272.56	290.37
LTM Dividend per Share	39.07	39.07	39.07
(+) Excess Retained per Share	245.85	272.56	290.37
(=) Adjusted Dividend	284.92	311.63	329.44
WACC / Discount Rate	7.77%	7.77%	7.77%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$13,213.16	$26,031.55	$70,829.92
Upside / Downside	-9.81%	77.69%	383.48%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	261,680.00	278,689.20	296,804.00	316,096.26	336,642.51	358,524.28	369,280.01
Payout Ratio	10.97%	26.78%	42.58%	58.39%	74.19%	90.00%	92.50%
Projected Dividends (M)	28,709.00	74,624.12	126,386.92	184,563.59	249,769.24	322,671.85	341,584.01

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.77%	7.77%	7.77%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	68,590.55	69,240.69	69,890.84
Year 2 PV (M)	106,775.63	108,809.41	110,862.37
Year 3 PV (M)	143,318.10	147,432.25	151,624.39
Year 4 PV (M)	178,270.30	185,126.07	192,177.71
Year 5 PV (M)	211,683.07	221,907.44	232,523.12
PV of Terminal Value (M)	4,693,031.32	4,919,706.48	5,155,057.04
Equity Value (M)	5,401,668.96	5,652,222.35	5,912,135.47
Shares Outstanding (M)	734.74	734.74	734.74
Fair Value	$7,351.81	$7,692.81	$8,046.56
Upside / Downside	-49.82%	-47.49%	-45.07%

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Advantest Corporation (6857.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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